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My Journey Post Chapter 7 BK Discharge 12/3/14

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Anonymous
Not applicable

My Journey Post Chapter 7 BK Discharge 12/3/14

I wanted to start an online post mainly for myself and for others to read to get a good idea of how Im rebuilding my credit and to gain suggestions. I filled Chapter 7 BK on 8/2014. It included car repos, apartment evictions, back irs and state taxes older than 3 years, a few credit cards and medical bills and liens from two counties that the irs told to put on my credit report for the back taxes, amd some banks I owed. I was all messed up but it was all discharged. I do have student loans in deferment so those were not discharged.

 

I needed to know the second my BK was discharged so I went to the PACER system which holds public court records. My Chapter 7 Discharge was on 12/3/14 and I filed disputes with all 3 credit bureaus on 12/04/14 stating accounts are all discharged and it worked. Within days my credit report began to update with the $0 balances.

 

As a test on 12/13/14 I applied for secured Capital One (which i had burned them before) and got approved for $200. Then on 12/16/14 i signed up for this site and got my FICO and credit report which all showed the BK being discharged. My scores as of today are Experian 564 Equifax 555 Transunion 589. On 12/16/14 I applied for Credit One and got $300. Finally on today 12/18/14 after reading these awesome forums I wrote 15 Good Will Letters and Mailed them from my computer using this company that allows you to mail letters from your computer. Charged me $12 for 15 letters. Hey i didnt feel like fighting holiday postal customers lol. In the letters I basically stated my reason for the letter, gave them reasons why I got behind, asked them to delete the $0 balance bakruptcy accounts, then thanked them. 

 

I was in chexsystem and telecheck and got those removed as soon as i filed BK then opened up an account at a local credit union. Im working on EWS early warning system now.

 

Im excited yall. 15 days after BK and Im already off to a go start with 100% intentions on only spending 1% to 9% of my credit lines.

 

My next moves will be helping my wife do the same, and trying this authorized user situation out with my wife since she is 1 year post chapter 7 discharge and has a Capital One and Kohls card. Finally I have ordered about 10 consumer repors from places like Experian RentBureau, Corelogic SafeRent, Lexus Nexus , Utilities Excange so that i can dispute the evictions on those consumer reports. I got a lot of cleaning up.Thank God forthe internet andthe research I foiund. 

 

Stay tuned to my update on my GW letter responses.  If you have any suggestions fo me let me know.

Message 1 of 17
16 REPLIES 16
Alexj931
New Contributor

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

GREAT JOB MAN !!

Current Score: 587/568/576
Goal Score in 3 months= 620
Message 2 of 17
Creditwiser
Valued Contributor

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

Good work. Stay the course, do not get discouraged and you will prevail. We all do with the help of this forum and good solid planning.

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 3 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

UPDATE: So after posting my initial post today, I check the mail and its like the 100 Capital One preapproval offer for my wife. She is 16 months post BK and only has a Capital One Secured and Kohls. I told her she needed another revolving account. Sooooo she accepted the QuickSilver from capital one and got approved for $2000. She is also making me authorized user on that account (reason being is that the secured line and kohls line was at zero balance paid off every month and then she went over the utilization rate for the last few months which dropped her credit score some 50 pointa so we dont want me to be an auth user on those cards just yet even though their open date is older) al in all today is a good day.

 

No more inquiries

No more new accounts

Its time to be content with two cards that I own and being auth user on my wife acciunt. That plus the goodwill letters working in the background i think is sufficient for being 15 days post BK.

Message 4 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

What are good will letters?


@Anonymous wrote:

UPDATE: So after posting my initial post today, I check the mail and its like the 100 Capital One preapproval offer for my wife. She is 16 months post BK and only has a Capital One Secured and Kohls. I told her she needed another revolving account. Sooooo she accepted the QuickSilver from capital one and got approved for $2000. She is also making me authorized user on that account (reason being is that the secured line and kohls line was at zero balance paid off every month and then she went over the utilization rate for the last few months which dropped her credit score some 50 pointa so we dont want me to be an auth user on those cards just yet even though their open date is older) al in all today is a good day.

 

No more inquiries

No more new accounts

Its time to be content with two cards that I own and being auth user on my wife acciunt. That plus the goodwill letters working in the background i think is sufficient for being 15 days post BK.



@Anonymous wrote:

UPDATE: So after posting my initial post today, I check the mail and its like the 100 Capital One preapproval offer for my wife. She is 16 months post BK and only has a Capital One Secured and Kohls. I told her she needed another revolving account. Sooooo she accepted the QuickSilver from capital one and got approved for $2000. She is also making me authorized user on that account (reason being is that the secured line and kohls line was at zero balance paid off every month and then she went over the utilization rate for the last few months which dropped her credit score some 50 pointa so we dont want me to be an auth user on those cards just yet even though their open date is older) al in all today is a good day.

 

No more inquiries

No more new accounts

Its time to be content with two cards that I own and being auth user on my wife acciunt. That plus the goodwill letters working in the background i think is sufficient for being 15 days post BK.




Message 5 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

Search the letters GW or Good Will in the forum and you will find out what they are with sample letters. Simply put, GW letters are not a dispute of a debt, rather:

 

you acknowledge the debt,

explain why you got behind,

explain what youve done to make sure you dont get in debt again

ask if negative information can be removed as a good will gesture from your credit report, 

thank them for their time.

 

My research shows this is done when you have brought the account to a zero balance. You write to the collection agency addresses on your credit report and hope for the best. You might just get something removed.

 

Hope this helps. Google is also full of info.

Message 6 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

Today 12/26/14 I got my CreditOne Visa card....Yayyy. $300 limit. Here is the catch, they are going to bill me $75 annual fee.

Game Plan:

 

  • I notice that the $75 just hit the same day I activated the card. I quickly paid $60 and am going to let them bill me $15 so that for the first month I will show a utilization rate of 5%. This should give me a good start in eventually bumping my credit score up.
  • After that, Im going to change my myfico billing method to the CreditOne card and let that be the only charge each month on it. That will be about a 6% or so utilization rate.

Still waiting for Capital One Card. They took my $49 deposit out of my account so Im thinking it should be here any day now. Im excited about playing around with these numbers to see how fast my credit score goes up.

 

I'll keep everyone posted. 

Message 7 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

Checked the status of some dispute on Experian before they send me an official update of my credit report. I noticed two creditors gone. Allied Collections Services and Online Collections. Here is the thing, I DID dispute them on my credit report, but 100% of the time, when you dispute something, it always tells you if it was deleted, updated, etc. I also sent them good will letters. I know that if a creditor deletes something, your not notified unless you just check your credit report and notice its gone. 

 

That said, I think my two goodwill letters for Allied Collection and Online Collections actually worked. They are just gone. Nothing. No notice. Nothing under my dispute status that says deleted. The good news is that regardless how they came off, THEY ARE OFF!!!

 

So excited. 

Message 8 of 17
Anonymous
Not applicable

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

I found out on my own that there were account deletions from my Transunion and Experian report, but myFico had not updated it. Today, TransUnion went from 589 to 608 due to a tax lien being released because of Bankruptcy AND Online Collection being deleted from my report. Long story short, I was under the impression that I got alerts for all 3 credit reports when there is a deletion, however I was informed by Customer Service that Transunion and Experian I will not get alerted for account deletions. Needless to say I was not happy about that so Cust Svc was able to help me pull for one time a transunion updated score as a courtesy.

 

 

Message 9 of 17
TRC_WA
Senior Contributor

Re: My Journey Post Chapter 7 BK Discharge 12/3/14

Good work OP... you've done a lot in a short time.

 

Still, credit rebuilding is a marathon... not a race.

 

Mine has been going on for 18 months now.

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 10 of 17
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